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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

Quarterly Schedule of Portfolio Holdings of Registered

Management Investment Company

 

Investment Company Act file number:   811-21553

 

ING Global Equity Dividend and Premium Opportunity Fund

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Rd., Scottsdale, AZ 85258

(Address of principal executive offices)           (Zip code)

 

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Scottsdale, AZ 85258

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-992-0180

 

 

Date of fiscal year end:

February 28

 

 

Date of reporting period:

May 31, 2007

 



 

Item 1. Schedule of Investments

 

The schedules of investments as of the close of the reporting period are set forth below for:

 

ING Global Equity Dividend and Premium Opportunity Fund

 

 

The schedules are not audited.

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

 

as of May 31, 2007 (Unaudited)

 

Shares

 

 

Value

 

 

 

 

 

 

COMMON STOCK: 93.7%

 

 

 

 

 

 

 

Australia: 5.7%

 

 

 

1,146,974

 

 

 

Australia & New Zealand Banking Group Ltd.

 

$

27,379,748

 

1,296,579

 

 

 

Coca-Cola Amatil Ltd.

 

10,146,470

 

1,846,522

 

 

 

Foster’s Group Ltd.

 

9,725,906

 

2,464,572

 

 

 

GPT Group

 

10,509,092

 

1,618,759

 

 

 

Lion Nathan Ltd.

 

12,251,203

 

595,541

 

 

 

Publishing & Broadcasting Ltd.

 

10,677,030

 

721,260

 

 

 

Suncorp-Metway Ltd.

 

12,631,314

 

312,020

 

 

 

Wesfarmers Ltd.

 

9,812,013

 

556,612

 

 

 

Westfield Group

 

9,879,092

 

 

 

 

 

 

 

113,011,868

 

 

 

 

 

Belgium: 1.4%

 

 

 

674,667

 

 

 

Fortis

 

28,006,650

 

 

 

 

 

 

 

28,006,650

 

 

 

 

 

Brazil: 3.0%

 

 

 

224,249

 

 

 

Cia Siderurgica Nacional SA ADR

 

11,941,259

 

323,651

 

 

 

Petroleo Brasileiro SA ADR

 

31,031,658

 

840,980

 

 

 

Tele Norte Leste Participacoes SA ADR

 

15,987,030

 

 

 

 

 

 

 

58,959,947

 

 

 

 

 

Canada: 2.8%

 

 

 

229,107

 

 

 

Enerplus Resources Fund

 

11,189,586

 

830,964

 

 

 

Fording Canadian Coal Trust

 

24,122,885

 

553,244

 

 

 

TransCanada Corp.

 

20,353,545

 

 

 

 

 

 

 

55,666,016

 

 

 

 

 

China: 1.7%

 

 

 

25,749,224

 

 

 

PetroChina Co., Ltd.

 

33,306,341

 

 

 

 

 

 

 

33,306,341

 

 

 

 

 

Denmark: 1.5%

 

 

 

675,085

 

 

 

Danske Bank A/S

 

29,353,630

 

 

 

 

 

 

 

29,353,630

 

 

 

 

 

France: 2.6%

 

 

 

171,273

 

 

 

BNP Paribas

 

20,766,438

 

1,042,566

 

 

 

France Telecom SA

 

32,006,653

 

 

 

 

 

 

 

52,773,091

 

 

 

 

 

Germany: 1.5%

 

 

 

1,660,001

 

 

 

Deutsche Telekom AG

 

30,828,101

 

 

 

 

 

 

 

30,828,101

 

 

 

 

 

Greece: 1.6%

 

 

 

823,955

 

 

 

OPAP SA

 

31,423,608

 

 

 

 

 

 

 

31,423,608

 

 

 

 

 

Hong Kong: 1.4%

 

 

 

1,313,542

 

 

 

CLP Holdings Ltd.

 

9,233,497

 

1,380,797

 

 

 

Hang Seng Bank Ltd.

 

19,213,950

 

 

 

 

 

 

 

28,447,447

 

 

 

 

 

Hungary: 0.4%

 

 

 

337,848

 

 

 

Magyar Telekom Telecommunications PLC ADR

 

8,544,176

 

 

 

 

 

 

 

8,544,176

 

 

 

 

 

Ireland: 1.0%

 

 

 

902,561

 

 

 

Bank of Ireland - London Exchange

 

19,488,038

 

 

 

 

 

 

 

19,488,038

 

 

 

 

 

Israel: 0.7%

 

 

 

2,609,267

 

 

 

Bank Hapoalim BM

 

14,116,563

 

 

 

 

 

 

 

14,116,563

 

 

 

 

 

Italy: 9.9%

 

 

 

3,477,719

 

 

 

Enel S.p.A.

 

39,571,275

 

1,184,780

 

 

 

ENI S.p.A.

 

41,882,060

 

3,843,037

 

 

 

Intesa Sanpaolo S.p.A.

 

29,352,898

 

1,754,249

 

 

 

Mediaset S.p.A.

 

18,809,232

 

16,700,266

 

 

 

Telecom Italia S.p.A. RNC

 

38,919,536

 

3,105,770

 

 

 

UniCredito Italiano S.p.A.

 

29,171,375

 

 

 

 

 

 

 

197,706,376

 

 

 

 

 

Netherlands: 4.1%

 

 

 

413,307

 

 

 

ABN Amro Holding NV

 

19,811,267

 

1,122,495

 

 

 

Royal Dutch Shell PLC

 

41,747,947

 

1,189,370

 

 

 

Royal KPN NV

 

20,182,751

 

 

 

 

 

 

 

81,741,965

 

 

 

 

 

New Zealand: 1.0%

 

 

 

5,494,796

 

 

 

Telecom Corp. of New Zealand Ltd.

 

19,700,513

 

 

 

 

 

 

 

19,700,513

 

 

 

 

 

Singapore: 0.6%

 

 

 

697,600

 

 

 

United Overseas Bank Ltd.

 

11,084,882

 

 

 

 

 

 

 

11,084,882

 

 

 

 

 

South Africa: 0.5%

 

 

 

395,766

 

 

 

Telkom SA Ltd.

 

9,520,422

 

 

 

 

 

 

 

9,520,422

 

 

 

 

 

South Korea: 0.7%

 

 

 

158,518

 

 

 

S-Oil Corp.

 

13,067,342

 

 

 

 

 

 

 

13,067,342

 

 

 

 

 

Sweden: 0.6%

 

 

 

266,619

 

 

 

Holmen AB

 

11,720,547

 

 

 

 

 

 

 

11,720,547

 

 

 

 

 

Taiwan: 0.6%

 

 

 

1,118,155

 

 

 

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

 

12,199,071

 

 

 

 

 

 

 

12,199,071

 

 

 

 

 

Thailand: 0.5%

 

 

 

1,319,500

 

 

 

Siam Cement PCL

 

9,603,810

 

 

 

 

 

 

 

9,603,810

 

 

 

 

 

United Kingdom: 18.6%

 

 

 

2,487,064

 

 

 

Aviva PLC

 

39,290,952

 

3,458,659

 

 

 

BBA Aviation PLC

 

19,512,995

 

3,415,137

 

 

 

BP PLC

 

38,144,853

 

1,567,723

 

 

 

Brit Insurance Holdings PLC

 

10,771,165

 

1,017,251

 

 

 

British American Tobacco PLC

 

34,478,287

 

1,425,717

 

 

 

Diageo PLC

 

30,419,734

 

6,038,563

 

 

 

DSG International PLC

 

20,122,924

 

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

 

as of May 31, 2007 (Unaudited) (continued)

 

Shares

 

 

Value

 

 

 

 

 

 

 

 

 

 

United Kingdom (continued)

 

 

 

1,004,196

 

 

 

GlaxoSmithKline PLC

 

$

26,158,341

 

640,685

 

 

 

HSBC Holdings PLC

 

11,852,420

 

3,415,137

 

 

 

Lloyds TSB Group PLC

 

38,885,340

 

650,460

 

 

 

Provident Financial PLC

 

10,196,001

 

2,360,733

 

 

 

Royal Bank of Scotland Group PLC

 

29,326,720

 

2,490,145

 

 

 

Tate & Lyle PLC

 

29,609,551

 

1,984,099

 

 

 

United Utilities PLC

 

30,301,457

 

 

 

 

 

 

 

369,070,740

 

 

 

 

 

United States: 31.3%

 

 

 

568,781

 

 

 

Altria Group, Inc.

 

40,440,329

 

379,763

 

 

 

Ameren Corp.

 

20,154,022

 

207,022

 

 

 

American Capital Strategies Ltd.

 

10,026,075

 

793,201

 

 

 

AT&T, Inc.

 

32,790,929

 

780,709

 

 

 

Bank of America Corp.

 

39,589,753

 

693,529

 

 

 

Bristol-Myers Squibb Co.

 

21,020,864

 

742,459

 

 

 

Citigroup, Inc.

 

40,456,591

 

625,330

 

 

 

Citizens Communications Co.

 

9,911,482

 

604,157

 

 

 

Consolidated Edison, Inc.

 

29,494,945

 

148,800

 

 

 

Developers Diversified Realty Corp.

 

9,173,520

 

699,177

 

 

 

Dow Chemical Co.

 

31,728,652

 

943,801

 

 

 

Duke Energy Corp.

 

18,441,872

 

801,170

 

 

 

Energy East Corp.

 

19,364,279

 

791,076

 

 

 

Keycorp.

 

28,170,216

 

303,116

 

 

 

Kraft Foods, Inc.

 

10,257,445

 

610,521

 

 

 

Merck & Co., Inc.

 

32,021,826

 

1,196,483

 

 

 

Pfizer, Inc.

 

32,891,318

 

224,055

 

 

 

Rayonier, Inc.

 

10,073,513

 

1,028,357

 

 

 

Southern Co.

 

37,031,136

 

442,908

 

 

 

Spectra Energy Corp.

 

11,794,640

 

351,458

 

 

 

Thornburg Mortgage, Inc.

 

9,745,930

 

861,247

 

 

 

US Bancorp.

 

29,781,921

 

532,699

 

 

 

UST, Inc.

 

28,440,800

 

532,983

 

 

 

Wachovia Corp.

 

28,882,349

 

938,672

 

 

 

Washington Mutual, Inc.

 

41,038,740

 

 

 

 

 

 

 

622,723,147

 

 

 

 

 

Total Common Stock

 

 

 

 

 

 

 

(Cost $1,665,381,531)

 

1,862,064,291

 

 

 

 

 

 

 

 

 

EQUITY-LINKED SECURITIES: 0.6%

 

 

 

 

 

 

 

Luxembourg: 0.6%

 

 

 

5,120,661

 

@, X

 

Formosa Chemicals & Fibre Corp.

 

10,497,355

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity-Linked Securities

 

 

 

 

 

 

 

(Cost $7,694,832)

 

10,497,355

 

 

 

 

 

 

 

 

 

WARRANTS: 1.1%

 

 

 

 

 

 

 

Ireland: 0.5%

 

 

 

15,185,000

 

@, X

 

Mega Financial Holding Co., Ltd.

 

9,262,850

 

 

 

 

 

 

 

9,262,850

 

 

 

 

 

Luxembourg: 0.6%

 

 

 

2,400,000

 

@, X

 

Novatek Microelectronics Corp., Ltd.

 

12,048,000

 

 

 

 

 

 

 

12,048,000

 

 

 

 

 

Total Warrants

 

 

 

 

 

 

 

(Cost $22,373,493)

 

21,310,850

 

 

No. of
Contract
s

 

 

 

 

 

Value

 

 

 

              

 

 

 

 

 

Put Options: 0.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Australia: 0.0%

 

 

 

2,200

 

 

 

S&P/ASX 200 Index, Strike Price 5,490.510 AUD, Expires 06/15/07 (Counterparty: Societe Generale)

 

$

979

 

2,500

 

 

 

S&P/ASX 200 Index, Strike Price 5,776.483 AUD, Expires 07/19/07 (Counterparty: Merrill Lynch)

 

41,909

 

6,200

 

 

 

S&P/ASX 200 Index, Strike Price 5,863.700 AUD, Expires 08/17/07 (Counterparty: ABN AMRO)

 

260,025

 

15,000,000

 

 

 

Australian Dollar Currency Option (AUD/USD), Strike Price .7525, Expires 06/07/07 (Counterparty: JPMorgan Chase Bank, London)

 

 

20,000,000

 

 

 

Australian Dollar Currency Option (AUD/USD), Strike Price .8065, Expires 07/18/07 (Counterparty: Goldman Sachs International)

 

39,309

 

25,000,000

 

 

 

Australian Dollar Currency Option (AUD/USD), Strike Price .7930, Expires 08/21/07 (Counterparty: Deutsche Bank)

 

29,644

 

 

 

 

 

 

 

371,866

 

 

 

 

 

European Union: 0.1%

 

 

 

20,600

 

 

 

Dow Jones Euro Stoxx 50 Index, Strike Price 3,660.220 EUR, Expires

06/15/07 (Counterparty: Societe Generale)

 

7,295

 

15,700

 

 

 

Dow Jones Euro Stoxx 50 Index, Strike Price 4,039.610 EUR, Expires 07/20/07 (Counterparty: ABN AMRO)

 

225,862

 

14,250

 

 

 

Dow Jones Euro Stoxx 50 Index, Strike Price 4,110.420 EUR, Expires 08/17/07 (Counterparty: Societe Generale)

 

541,189

 

75,000,000

 

 

 

European Union Currency Option (EUR/USD), Strike Price 1.2843, Expires 06/07/07 (Counterparty: Lehman Brothers International)

 

 

80,000,000

 

 

 

European Union Currency Option (EUR/USD), Strike Price 1.3320, Expires 07/18/07 (Counterparty: Goldman Sachs)

 

322,479

 

90,000,000

 

 

 

European Union Currency Option (EUR/USD), Strike Price 1.3200, Expires 08/21/07 (Counterparty: Deutsche Bank)

 

374,774

 

 

 

 

 

 

 

1,471,599

 

 

 

 

 

United Kingdom: 0.0%

 

 

 

9,000

 

 

 

FTSE 100 Index, Strike Price 5,751.580 GBP, Expires 06/15/07 (Counterparty: Merrill Lynch)

 

10,011

 

8,300

 

 

 

FTSE 100 Index, Strike Price 6,133.550 GBP, Expires 07/20/07 (Counterparty: Societe Generale)

 

364,726

 

4,050

 

 

 

FTSE 100 Index, Strike Price 6,219.510 GBP, Expires 08/17/07 (Counterparty: Goldman Sachs)

 

420,925

 

60,000,000

 

 

 

United Kingdom Currency Option (GBP/USD), Strike Price 1.8759, Expires 06/07/07 (Counterparty: Lehman Brothers International)

 

 

60,000,000

 

 

 

United Kingdom Currency Option (GBP/USD), Strike Price 1.9550, Expires 07/18/07 (Counterparty: Goldman Sachs)

 

74,927

 

70,000,000

 

 

 

United Kingdom Currency Option (GBP/USD), Strike Price 1.9190, Expires 08/21/07 (Counterparty: Goldman Sachs)

 

180,262

 

 

 

 

 

 

 

1,050,851

 

 

 

 

 

United States: 0.1%

 

 

 

86,900

 

 

 

S&P 500 Index, Strike Price 1,311.748 USD, Expires 06/15/07 (Counterparty: ABN AMRO)

 

9,326

 

76,800

 

 

 

S&P 500 Index, Strike Price 1,409.392 USD, Expires 07/20/07 (Counterparty: Merrill Lynch)

 

302,405

 

107,100

 

 

 

S&P 500 Index, Strike Price 1,441.730 USD, Expires 08/17/07 (Counterparty: Merrill Lynch)

 

1,108,573

 

 

 

 

 

 

 

1,420,304

 

 

 

 

 

Total Purchased Put Options

 

 

 

 

 

 

 

(Cost $11,656,142)

 

4,314,620

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments in Securities

 

 

 

 

 

 

 

 

 

(Cost $1,707,105,998)*

 

95.6%

 

$

1,898,187,116

 

 

 

 

 

Other Assets and Liabilities — Net

 

4.4

 

88,136,058

 

 

 

 

 

Net Assets

 

100.0%

 

$

1,986,323,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-income producing security

 

 

 

 

 

 

 

ADR 

 

American Depositary Receipt

 

 

 

 

 

 



 

 

 

PORTFOLIO OF INVESTMENTS

ING Global Equity Dividend and Premium Opportunity Fund

 

as of May 31, 2007 (Unaudited) (continued)

 

 

 

 

Fair value determined by ING Funds Valuation Committee appointed by the Funds’ Board of Directors/Trustees.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost for federal income tax purposes is $1,731,925,443.

 

 

 

 

 

 

 

 

 

Net unrealized appreciation consists of:

 

 

 

 

 

 

 

 

 

Gross Unrealized Appreciation

 

 

$

199,864,825

 

 

 

 

 

Gross Unrealized Depreciation

 

 

 

(33,603,152)

 

 

 

 

 

Net Unrealized Appreciation

 

 

$

166,261,673

 

 



 

Item 2. Controls and Procedures.

 

(a)     Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-Q are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-Q and the officer certifications of such Form N-Q.

 

(b)     There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant):

ING Global Equity Dividend and Premium Opportunity Fund

 

By

/s/ Shaun P. Mathews

 

 

Shaun P. Mathews

 

 

President and Chief Executive Officer

 

 

 

 

Date:

July 30, 2007

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By

/s/ Shaun P. Mathews

 

 

Shaun P. Mathews

 

 

President and Chief Executive Officer

 

 

 

 

Date:

July 30, 2007

 

 

 

 

By

/s/ Todd Modic

 

 

Todd Modic

 

 

Senior Vice President and Chief Financial Officer

 

 

 

 

Date:

July 30, 2007